Perils, Hazards, and Risks in Common Non-Insurance Essay

Open, View, and/or
Download this Document

Total Length: 514 words ( 2 double-spaced pages)

Total Sources: 2

Page 1 of 2

Perils, Hazards, And Risks

In common non-insurance settings, the terms "peril," "hazard," and "risk" are more often than not used synonymously. It is however important to note that in insurance, most particularly risk management, "hazards" and "perils" are not referred to as "risk" as is the case in common English conversations. In this text, I concern myself with the distinction between these key terms. Further, I classify the possible risks I am facing not only as a normal student but also as Vice President of student council.

Perils, Hazards, and Risk

In seeking to distinguish these key terms, it would be prudent to first take into consideration how various authors have defined the said terms in the past. To begin with, a peril in the words of Chew (2008, p.35) is "a natural, man-made, or economic situation that may cause a personal or property loss." On the other hand, the author defines a hazard as "something that increases the probability of a loss arising from a peril" (Chew, 2008, p.

Stuck Writing Your "Perils, Hazards, and Risks in Common Non-Insurance" Essay?

View All Our Example Perils, Hazards, and Risks in Common Non-Insurance Essay

Have A Custom Example Essay Written

35).

With regard to risk, Dorfman (2002) defines that same as "the variation in possible outcomes of an event based on chance." Based on this definition, risk is simply the possibility, chance, or likelihood of loss.

On the basis of the definitions given above, perils include but they are not in any way limited to fire, heart attack (in the case of health insurance), tornados, etc. Other perils common in the environment are lightning and floods. Individually (or collectively), these perils could bring about a loss and it….....

Show More ⇣

     Open the full completed essay and source list


OR

     Order a one-of-a-kind custom essay on this topic


sample essay writing service

Cite This Resource:

Latest APA Format (6th edition)

Copy Reference
"Perils Hazards And Risks In Common Non-Insurance" (2013, June 08) Retrieved May 21, 2025, from
https://www.aceyourpaper.com/essays/perils-hazards-risks-common-non-insurance-91680

Latest MLA Format (8th edition)

Copy Reference
"Perils Hazards And Risks In Common Non-Insurance" 08 June 2013. Web.21 May. 2025. <
https://www.aceyourpaper.com/essays/perils-hazards-risks-common-non-insurance-91680>

Latest Chicago Format (16th edition)

Copy Reference
"Perils Hazards And Risks In Common Non-Insurance", 08 June 2013, Accessed.21 May. 2025,
https://www.aceyourpaper.com/essays/perils-hazards-risks-common-non-insurance-91680
   

Open, View, and/or
Download this Document
order custom essay example